Menu

DORAL GOES TO THE PR SUPREME COURT

Today, as it has done in two previous occasions, Doral seeks intrajurisdictional certification to the Puerto Rico Supreme Court. What this means is that Doral is asking the Puerto Rico Supreme Court to review the case now, instead of waiting the 4-6 months it will take the Appellate Court to resolve the controversies and in which the loser will seek review from the maximum forum. This way, the case would go directly to the Puerto Rico Supreme Court.

Although in the two previous occasions the Puerto Rico Supreme Court has refused to grant the intrajurisdictional review, it has made clear that this is a case of great public importance that should be decided quickly. Different from the previous occasions, we now have a record, i.e., four days of hearings, which resulted in Judge Laureano’s extensive and well-reasoned opinion. In addition, there is evidence that the FDIC asked for amendments to Doral’s capitalization plan Juan Zaragoza, PR Treasury Secretary stated to the press that Hacienda had defended the “urgent” rights of the People of Puerto Rico. Rafael Blanco, Puerto Rico’s Financial Institutions Commissioner, also said to the press the disbursement of the refund represents Doral’s chance to recapitalize itself. Doral averse that it would be FATAL if the Appellate Court handled does not handle the case immediately and after the judgment the government waits 60 days to recur to the Supreme Court, leaving payment pending. Given these statements by representatives of the defendant in this case, it is very possible that the Supreme Court will accept the request and quickly decide this controversy, as I hope it will.